07/11/2025
π Big News for 2025 Tax Season! π
Attention friends and clients: The βOne Big Beautiful Bill Actβ (OBBBA) just reshaped the 2025 tax landscape, and weβre here to help you make the most of every deduction and credit. Hereβs a quick rundown of the top changes:
β’ Individual Tax Relief
β Slight cuts in the 10% & 12% brackets
β Standard deduction bumps: $23,625 HOH | $15,750 Single | $31,500 Married-Joint
β New $6,000 senior deduction
β Child Tax Credit now $2,200 (with $1,700 fully refundable)
β’ New Deductions
β Up to $25K in tips tax-free
β Up to $12.5K overtime deduction ($25K joint)
β $10K auto loan interest write-off on new, U.S.βmade vehicles
β $5K refundable portion of the Adoption Credit
β’ State and Local Tax & Mortgage Updates
β SALT cap raised to $40K ($20K MFS) with phase-down over $500K income
β Mortgage insurance premiums now fully deductible
β’ Business Tax Relief
β Permanent 100% bonus depreciation
β Section 179 expensing up to $2.5M
β QSBS limits increased to $15M per issuer; exclusion phases in to 100%
β QBI deduction remains 20% (with updated calculations)
β’ Credits Expiring Soon
β Clean vehicle credits end 9/30/2025
β Home energy efficiency credits end 12/31/2025
β’ Reporting Thresholds Raised
β 1099-NEC/MISC: now $2,000 (indexed)
β 1099-K: back to $20,000 or 200 transactions
π Call us at (540) 503-3343
π§ Email: [email protected]